Mid-Illini Credit Union
- Assets
- $83.1m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 21
- Location
- Bloomington, IL
- Founding
- 02/1940
- Data as of
- 12/2023
- EIN
- 37-0904387
Organization Overview
Mid-Illini Credit Union is located in Bloomington, IL. The organization was established in 1940. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Mid-Illini Credit Union employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mid-Illini Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Mid-Illini Credit Union generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $4.7m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES SECURITY OF SAVINGS AND SELECTED FINANCIAL SERVICES TO ITS MEMBERS IN A CONVENIENT, RESPONSIVE MANNER, AT COMPETITIVE RATES, WHILE MAINTAINING FINANCIAL STABILITY AND CAPITAL GROWTH WITHIN THE ASSOCIATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED 12,106 SHARE ACCOUNTS TOTALING $76,757,936 IN TOTAL SHARES AS OF 12/31/23. GRANTED 1,482 LOANS TOTALING $26,719,145, TO OUR MEMBERS DURING 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Benjamin Ryburn Chairman | Trustee | 1 | $0 |
John Wyssman Secretary | Trustee | 1 | $0 |
David Witt Board Member | Trustee | 1 | $0 |
Tom Brucker Board Member | Trustee | 1 | $0 |
William Halbert Board Member | Trustee | 1 | $0 |
Carol Beard Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,471,669 |
| Investment income | $303,879 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,775,548 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $303,892 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,094,118 |
| Pension plan accruals and contributions | $48,843 |
| Other employee benefits | $51,605 |
| Payroll taxes | $93,471 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,770 |
| Fees for services: Accounting | $28,077 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $208,425 |
| Office expenses | $544,030 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $56,831 |
| Travel | $3,567 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,512 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $178,231 |
| Insurance | $0 |
| All other expenses | $130,489 |
| Total functional expenses | $4,676,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,616,668 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $60,833,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $240,430 |
| Net Land, buildings, and equipment | $916,394 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,500,000 |
| Intangible assets | $0 |
| Other assets | $1,012,799 |
| Total assets | $83,119,442 |
| Accounts payable and accrued expenses | $376,187 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $76,757,936 |
| Total liabilities | $77,134,123 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,985,319 |
| Total liabilities and net assets/fund balances | $83,119,442 |